Sometimes comedy just writes itself. Why would sovereign governments who are in effect their own bank need to set up another bank to coordinate armament purchases? It’s as clear as mud exactly what these functionaries will be doing much less how that will “solve” anyone’s financial problems.
At least five Canadian cities are vying to host a new defence-oriented world bank that could create up to 3,500 jobs, the National Post has learned. Announced this past spring, the DSRB could solve financial problems for countries, including Canada, that are under pressure to increase military spending. The bank will be owned by its member nations, which would capitalize the bank so it would get a triple-A rating it could take to the bond market to raise money.
Yet, somehow, it will just turn into another (tax) money laundering scheme for crooked politicians and bureaucrats.
So they’re going to give junk bonds AAA rating and sell them to unwitting investors to fund this bank? Great idea! That’s what caused the 2008 real estate market crash.
I wonder how much of their own money Canadian Cabinet members are going to invest?
What caused the 2008 real estate market crash was sub-prime mortgages issued because American banks were afraid of being called racist. (red lining)
The United States has a national psychosis about race. They need to get over it.
Oz, are you suggesting we may be investing in a sub-prime war?
Can we all invest directly in this war? You know, buy shares? How do we take our profit?
Why would a bank with no retail business require 3,500 employees to clear a couple thousand cheques a year? My first guess is graft. My second guess is to somehow hide liabilities off balance sheet but I’m not sure how.
Both of your guesses are likely correct especially the second one — you can hide a lot of things in a crowd. Bundle the cash together; it belongs to all the member countries — looks like a lot of cash. Just like tiny little fish can shoal and appear much bigger than they truly are.
Kinda helps with the whole money borrowing thing for…projects. But who really controls the cash? Oh, and where is the cash going to come from? (this is just a rough sketch and musings of course, hard to tell what the thing will actually be until it arrives — do know I already don’t want my country involved in it)
You’re likely to get hit with higher taxes…for Security!!!!!(TM) and Democracy!!!!(TM)…plus a military draft of some kind, at some point, likely sooner rather than later.
You are right to be scarred, scar.
So if they pick any country outside of Australia, Canada, Denmark, Germany, Liechtenstein, Luxembourg, Netherlands, Switzerland, Norway, Sweden or Singapore, will it actually have a AAA rating?
And when countries lose their AAA rating, because they start engaging in accounting fckery, will the bank still have a AAA rating?
Hmmm, so…sort of like the Chinese New Investment Bank that’s totally only for infrastructure and helping out the Developing World!!!(TM), but Western (ooops, not completely Western, but Western enough) and totally going only to make the world a better and safer place for Democracy!!!(TM)
Sounds wonderful…regrettably my country should probably pass on it though; you wouldn’t want us anyway. You go ahead and have fun.
The military-industrial complex has now become the military-industrial-banking corruption complex.
One caveat
Nothing will ever be produced but a great deal of money will be laundered
Our father said that 3 things will be true until the end of time, they are:
1. The United Kingdom will always be obsessed over social status rather than economic status. Dad’s mother moved to Canada in 1911 because she would always be a “servant” (cook to a Spanish princess in London) in England, but in Canada could become a land owner and part of the middle-class, which she and her husband did.
2. Canada will always be obsessed over French versus English
3, The United States will always be “race” obsessed.
I am in my 74th year and he has yet to be proved wrong
Because more graft and pyramid schemes is what Canada needs.
When the government does it it’s not illegal?
That or they need to get some of the funny money outside the purview of Parliament and having to table a budget to get permission to spend it.
Then official Ottawa will be gobsmacked and in denial that liberal friends profited handsomely with a cut going to the liberal MP.
Why would this boondoggle be located in Canada? Subject to the Bank Act? Highly doubtful. It does offer a big opportunity for law firms, stock brokerages, financial services consultants, accounting firms, etc. I guess those are the 3,500 jobs.
Your banking systems aren’t exactly famous for ethics or professional oversight.
L – Why Canada, indeed ? Could it be that P.M. Marxist Carnage W.E.F.(grandmaster) is considered to be safely ensconced in the Demented Dominion; where his power is secured. All major institutions have political commissars label dissent as hate speech, which is so effective, that most citizens voluntarily censor their own minds.
The bank’s motto will be: “military grade financing and money laundering beyond questioning!”
Which is profoundly different than being beyond question…
Military grade finance I like that, good one 🙂
Another thing, will military grade secrecy will be applied to all
launderingfinancial transactions?Well, there will presumably be a signifigant number of sex workers.
Here’s my guess as to what’s behind this “bank”: not all NATO countries have the same credit rating when it comes to buying weapons (or anything else for that matter). Some pay a higher rate of interest, some lower. But if you set up a bank whose purpose it is to bundle a mix of bonds from nations with a good credit rating in with some with a lower credit rating, the overall interest rate will be lower. What that means, however, is that countries with a good credit rating are effectively subsidizing those with a worse rating. They are also shouldering a higher risk of default. It reminds me of the sub-prime mortgage racket which blew up in 2008. What could possibly go wrong?
DSRB?
Distribute Slush Rather Broadly.
It used to be that military suppliers made the money and the state paid. This smells like a scheme to avoid governments paying, yet maintaining a perpetual flow from the slush fund.
I just see a scheme; I hear a giant sucking sound of all our money into a few other peoples’ bank accounts. 😒
Never trust a glib politician or bureaucrat with money.
Reminiscient of all the Biden Family shell companies. The larger and more complicated the bureaucracy, the greater the opportunity for graft and theft.